Translation: Original published in Finnish on 8/31/2026 at 8:15 am EEST.

Taaleri announced on Friday that it has completed the first phase of the 105 MEUR financing round for the Fintoil biorefinery. The arrangement announced in July was implemented together with the Norwegian private equity investor HitecVision. We consider the transaction to be excellent for Taaleri, as the company found a credible partner specialized in the energy sector as the main owner of Fintoil, which will support the target company's ambitious growth strategy. The completion of the arrangement and the performance fees booked in connection with it were fully in line with our expectations, so the news does not warrant any estimate changes. The Fintoil transaction is an important step in the recycling of Taaleri's balance sheet, and we expect the company to exit its other major legacy balance sheet investments (the Texas wind farm and the Turku Toriparkki parking facility) by the end of 2027.

Fintoil will become by far Taaleri's largest balance sheet investment

In the first phase of the financing round, which has now been completed, 75 MEUR was invested in Fintoil, of which Taaleri's share was 25 MEUR and HitecVision's share was 50 MEUR. In addition, the parties have committed to an additional investment of 30 MEUR (Taaleri's share being 5 MEUR) to support the company's strategy. Following the transaction, Taaleri's indirect ownership in Fintoil will decrease to ~35%. At the same time, the previous co-investment fund Taaleri Biorefinery Ky is exiting its investment, as a result of which Taaleri will record performance and success fees of 2.8 MEUR, which are fully in line with the previously announced 2.5 MEUR.

We consider Fintoil's risk profile to be quite moderate, as the Hamina facility has been successfully ramped up and is cash flow positive. For the 12-month period ending in June 2026, the company's revenue was 151.2 MEUR and EBITDA was 13.0 MEUR. As a result of the arrangement, Fintoil will become Taaleri's by far largest single balance sheet investment, so we estimate that the company's operational development will be absolutely crucial for value creation in Taaleri's balance sheet investments in the coming years.

We see clear value creation potential in Fintoil

In our view, Fintoil holds significant value creation potential for Taaleri if HitecVision succeeds in driving the company's development as planned. The new major owner brings deep energy sector expertise and board-level support for scaling up Fintoil's production and optimizing its product portfolio. Fintoil also targets strong growth going forward, with the company aiming to raise its EBITDA margin to over 20% by 2030.

We believe that HitecVision is targeting a multiple return on its investment, which is typical for private equity investors. If successful, this could mean a significant increase in value for Taaleri's remaining ownership stake as well. We consider an exit relevant only in the early part of the next decade, at which point the most logical exit paths would be a sale to an industrial buyer or potentially an initial public offering (IPO), provided that the company's factory network has grown from its current size by that time.